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Bundesbank-Verluste: Bilanzierungspraxis und etwaige Nachschusspflicht des Bundes

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  • Hansen Arne

Abstract

The Bundesbank’s balance sheet and those of other central banks in the eurozone are currently showing high “operating“ losses due to the discrepancy between the low interest bearing securities holdings from bond purchases and the now higher interest bearing commercial bank deposits. However, the current accounting practice does not reflect the associated losses in value anywhere near the market level – even though, according to the PSPP ruling of the German Federal Constitutional Court, the sale of securities before final maturity should be the rule. Even under the current valuation practice, an equity gap cannot be ruled out in the future, which is generally seen as unproblematic for central banks. However, there are risks in the context of recapitalisation by the state. Within the eurozone, national and European requirements could make such capital injections necessary.

Suggested Citation

  • Hansen Arne, 2024. "Bundesbank-Verluste: Bilanzierungspraxis und etwaige Nachschusspflicht des Bundes," Wirtschaftsdienst, Sciendo, vol. 104(7), pages 497-502.
  • Handle: RePEc:vrs:wirtsc:v:104:y:2024:i:7:p:497-502:n:1016
    DOI: 10.2478/wd-2024-0127
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    References listed on IDEAS

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    1. Arne Hansen & Dirk Meyer, 2020. "Das PSPP-Staatsanleiheprogramm – Empirische Daten und Regelwerk stellen das Urteil des BVerfG teilweise infrage," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 73(10), pages 37-46, October.
    2. Stephen G. Cecchetti & Jens Hilscher, 2024. "Fiscal Consequences of Central Bank Losses," NBER Working Papers 32478, National Bureau of Economic Research, Inc.
    3. Nazim Belhocine & Mr. Ashok Vir Bhatia & Jan Frie, 2023. "Raising Rates with a Large Balance Sheet: The Eurosystem’s Net Income and its Fiscal Implications," IMF Working Papers 2023/145, International Monetary Fund.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt
    • H69 - Public Economics - - National Budget, Deficit, and Debt - - - Other

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